TATOC Supports New EU Directive
OCTOBER 27, 2008. Harry Taylor CEO of The Timeshare Association Timeshare Owners and Committees (TATOC) stated " We as an organisation support and encourage any action which will assist the consumer in receiving the correct and valid information they need in order to make an informed decision as to buying timeshare and also prevent the fraudulent practices which have so damaged the industry."
The new bill will mean that the consumer has to receive comprehensive information about the product so that this is received and understood prior to any signature. Consumers will also have a standard 14 day cooling off period to be able to withdraw from the contract without incurring costs. There is also a total ban on deposits or advance payments.
"The previous Bill was not flexible enough to cover such products as canal boats and as usual there were companies that were able to circumvent the law. For instance the introduction of holiday clubs" said Taylor "Also there was the confusing aspect of there being different rulings in different countries. This new European legislation will remove any confusion and protect consumers whether they are buying in Spain or Greece."
TATOC has been able to assist in giving information to assist MEP's and the legislators because of the organisations unique role in the representation of timeshare owners.
Many of the loopholes that existed before have now been closed and this can only assist in ensuring that legitimate we have a reputable industry and consumers are protected
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